The global zinc market was in a 72,000-metric-ton surplus in January 2010, the International Lead and Zinc Study Group. That is half the 144,000-ton surplus in January 2009. Zinc yesterday we have seen that market has moved -2.78%. Market has opened at 105.85 & made a low of 103 versus the day high of 105.85. The total volume for the day was at 30044 lots and the open interest was at 4554.Now support for the zinc is seen at 102.3 and below could see a test of 101.2. Resistance is now likely to be seen at 105.1, a move above could see prices testing 106.9.

Trading Ideas:

Zinc trading range is 101.2-106.9.

The global zinc market was in a 72,000-metric-ton surplus in January 2010- ILZSG

Support for the zinc is at 102.30 and resistance is at 105.10.

Zinc daily stock at Shanghai exchange yesterday came up by 2154 tonnes.

BUY ZINC MAR @ 103-103.50 SL 102.70 TGT 104-104.60-105.40.MCX